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The Venture Codex

AAIC

180B Bencoolen Street, #05-02 The Bencoolen Office Tower, Singapore, Central Singapore, 189648

Overview

AAIC aims to invest in fast growing companies within the Healthcare sector in Africa. The focus will be to provide growth capital as well as long term value to assist companies in improving their performance and expansion.

Total investments
20
Lead investments
0
Investments · 12mo
2
Active investors
3

Sector focus

  • Health Care
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Investment portfolio

  • Aumet

    Participated · Series A · May 2026

    Aumet builds an AI-first procurement operating system and inventory management software tailored to pharmacies, hospitals, and healthcare systems. Its platform focuses on automating procurement workflows and improving operational decision-making across the healthcare supply chain. The company targets markets where healthcare procurement relies on fragmented legacy systems that create inefficiencies. With the new funding, Aumet plans to expand its AI capabilities and scale enterprise deployments. It also intends to use the capital to enter additional GCC markets. The articles do not provide revenue, user, or founding-year metrics.

  • Shiprazor

    Participated · Seed · Apr 2026

    Shiprazor provides an e-commerce logistics platform that offers merchants a single integration to a network of 20+ courier partners, enabling courier selection, shipment tracking, post-purchase communication and AI-powered workflow optimization. Its tools aim to help merchants reduce delivery costs, improve fulfillment performance and scale shipping operations. The company was founded by CEO Sahil Affriya and is based in Cape Town, South Africa. Shiprazor has raised $2.65M in a Seed round, bringing total funding to $3.3M. Management intends to deploy the new capital to expand operations and accelerate product development. The article does not disclose revenue, user counts, or valuation.

  • Chowdeck

    Participated · Series A · Aug 2025

    Chowdeck operates a food and grocery delivery platform that serves local meals and international cuisines across 11 cities in Nigeria and Ghana. The company claims 1.5 million customers and a network of more than 20,000 riders, with an average logistics time of about 30 minutes and over half of deliveries by bicycle in dense areas. Chowdeck has been profitable since before this raise and says the value of meals delivered grew more than sixfold in 2024, with 2025 volume already surpassing last year’s total before July. The startup is rolling out a quick-commerce strategy supported by dark stores and hyperlocal logistics hubs, planning 40 dark stores by year-end and 500 by end of 2026 (launching two to three stores per week). Chowdeck acquired Mira, a point-of-sale provider, to add vertical SaaS capabilities and optimize operations, positioning itself as a SaaS-plus-logistics provider for restaurants. The company also plans to expand into more cities in Nigeria and Ghana and aims to significantly grow daily order volumes in its newer markets. Chowdeck, founded by Femi Aluko, Olumide Ojo and Lanre Yusuf, operates a multi-vertical delivery platform for prepared meals, supermarkets/groceries and pharmacies. The company launched its first product in October 2021 and now operates across eight cities with more than 3,000 riders and over 500,000 users, including over 100,000 monthly active users. Its logistics use geotagging, multiple vehicle types, vendor acceptance windows and automated rider-customer matching, with strict vendor and rider performance rules to keep delivery times fast. Chowdeck reported annual GMV across verticals of over ₦7 billion, and noted it crossed ₦1 billion in October before reaching ₦2.4 billion by March 2024; Lagos generates about 80% of volumes. With a take rate of 24%, the company says revenues (from vendor commissions, service fees, surge charges and delivery fees) grew 1,200% between 2022 and 2023. Chowdeck emphasizes sound unit economics over heavy discounts and plans to use new capital to boost operational efficiency, expand to more Nigerian cities, and improve experiences for customers, vendors and riders.

  • Ilara Health

    Participated · Series A · Feb 2024

    Ilara Health is a Kenya-based healthtech that enables private clinics to acquire diagnostic devices, pharmaceuticals and other clinic items on credit. The company began by leasing diagnostic devices to clinics in 2019 and has since expanded its offering to include pharmaceuticals, hospital furniture and a subscription practice-management software. Ilara serves about 3,000 clinics across Kenya and charges KSh.1000 (~$6.25) monthly for its software, which digitizes operations and supplies data for reporting and credit assessment. It partners with manufacturers such as Butterfly Network to provide low-cost portable ultrasound devices and other equipment. The startup plans to use new funding to scale operations in Kenya and to roll out a B2B health and occupational service that gives uninsured workers access to partner clinics for a fixed monthly fee. Management also intends to use clinic data from the software to support credit ratings and lend up to $15,000 in working capital to clinics. Ilara Health is a Nairobi-based diagnostics health-tech service provider that partners with healthcare facilities to expand access to basic diagnostic tests. Since its 2018 inception the company has grown partnerships across Nairobi and Kisumu from 15 to 200 facilities and aims to make diagnostics more accessible and affordable to over 500 million Africans. It recently raised $3.75 million in Series A funding led by TLcom Capital with participation from DOB Equity, Global Ventures, and Chandaria Capital to fund service expansion and technology investment. CEO and co-founder Emilian Popa said the company will widen its disease-indication coverage and create end-to-end value across the care delivery process. Ilara plans to reach patients who currently struggle to access lifesaving tests and to develop data-driven insights to improve quality of care across the continent. The new capital is intended to accelerate service expansion and build the company's technological capabilities across its partner network. Ilara Health distributes low-cost, AI-powered diagnostic devices bundled with its proprietary electronic medical record (EMR) system to primary-care doctors in peri-urban and rural clinics. The EMR records patient data and helps clinicians provide effective patient management while the diagnostics enable testing at the point of care. The company says it was started to help doctors bring diagnostics to the roughly 500 million people in sub-Saharan Africa who need them most and notes that about 70% of patients need some form of medical test to inform treatment. Ilara will use the new funding to grow its peri-urban clinic customer base in Kenya and to build a flexible technology platform to manage and protect patient health and clinic financial data. The startup was founded by CEO Emilian Popa, COO Amaan Banwait and VP sales Hannes Eckmayr and is based in Nairobi, Kenya. The company also received a Columbia Business School Tamer Fund seed grant award (seed grants up to $25,000) announced in late July.

  • Lapaire

    Participated · Equity · Jan 2024

    Lapaire operates a one-stop eyecare model delivering fashionable, high-quality eyewear and accessible eye testing. Founded in 2018 and based in the Ivory Coast, the company runs 58 branches across six African countries (Ivory Coast, Togo, Benin, Mali, Burkina Faso, and Uganda). To date it has tested over 300,000 people and reports 180,000 lives improved through its services. Lapaire plans to expand aggressively, aiming to establish 300 new eye care facilities across Africa and to positively impact one million people by 2026. The startup raised US$3 million in equity to support expansion and operational optimization. Proceeds are earmarked to optimize operations and grow the company’s presence in existing and emerging African markets.

Team